The News Crypto -
- Ripple (XRP) price rally has been restricted by bears, leading to a decline in trading volume and volatility.
- Despite the formation of a bullish pattern during the recent rebound, XRP’s price remains consolidated between $0.56 and $0.46.
- The drop in trading activity, as evidenced by the steep descending trend in active address count since the start of 2024.
The bears have successfully managed to limit the XRP price rally below certain levels, resulting in diminished interest among traders in the token.
As both trading volume and volatility have decreased, the XRP price has maintained a steep descending trend, with no apparent signs of a bullish breakout on the horizon.
While the majority of cryptocurrencies concluded the quarterly trade on a bullish note, XRP appears to be grappling with the challenge of defending its lower support levels, raising concerns about the token’s upcoming price trajectory.
Will Ripple (XRP) Ever Reach $1?
Several key issues surrounding the XRP price have emerged, indicating a reduction in trading activity on the platform. However, certain metrics suggest that bulls might experience some relief in the coming days, presenting two possible scenarios that could unfold in July.
After an extended period of consolidation within a bearish pattern, the XRP price formed a bullish pattern during the recent rebound, signaling a potential bullish move that could propel the levels by more than 25% to 30%, reaching $0.55.
The XRP price has been confined within a range between $0.56 and $0.46 for over two months. The prices have lost traction, with levels bottoming out along the key support zone, seeking an opportunity to rise.
Despite the bullish signals flashed by the technical indicators, the drop in trading activity poses significant concerns. The active address count has been following a steep descending trend since the beginning of 2024, which may have contributed to the XRP price remaining restricted within a range.
Consequently, only a substantial influx of liquidity can increase the buying pressure, which, in turn, may lift the levels above the sluggish range.
This article was originally published on thenewscrypto.com
